We have an auto loan with an 18% intrest rate, will we be in a better position after filing BK to refinance, or am I stuck with this awful rate for the entire life of the loan?
Thanks guy!!!
Thanks guy!!!
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You won't find a much better rate than that while you are in active bankruptcy, that's about the going rate for a car loan while in bk. After your bankruptcy is closed.... it is possible, yet highly doubtful that you'll receive a spectacular rate. On the homepage of the forums there's actually a board about auto loans where people post their rates, loans, and stuff like that. It's pretty informative. -
I think anything in the teens for interest rates is fairly good for BK. I've heard of people with rates in the twenties and had prepped myself for that, but thankfully it was only 15% for me. I'm sure you'll be able to refinance with a lower rate in possibly two years? Pay all your bills on time and get your credit score up.
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